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Minister Troy publishes General Scheme for Small and Micro Business Administrative Rescue Process
addresses the need for a simplified restructuring process for viable small companies that is timely and cost effective
mirrors key elements of existing examinership framework in an administrative context
process commenced without the need for Court approval
Bill also gives permanent statutory footing for virtual AGMs
Minister for Trade Promotion, Digital and Company Regulation, Robert Troy TD, today announced he has secured government approval for the priority drafting of the Companies (Small Company Administrative Rescue Process and Miscellaneous Provisions) Bill 2021. The Bill amends the Companies Act 2014 to provide for a new dedicated rescue process for small and micro companies.
‘Group’ means a company which has one or more 51% subsidiaries, together with that or those subsidiaries.
This definition does not apply for the purposes of the trading or gross assets requirements of a qualifying trading company (ITA07/S137 and S142, and CTA10/S79 and S84, see VCM74610 and VCM75100): for those purposes ‘group’ means a parent company and its qualifying subsidiaries.
Holding company
‘Holding company’ means a company whose business consists wholly or mainly in the holding of shares or securities of companies which are its 51% subsidiaries.
Investment company
‘Investment company’ means a company whose business consists wholly or mainly in the making of investments and which derives the principal part of its income from the making of investments.